The Consumer Price Index is used to calculate inflation, or the change in price of a basket of goods and services, as it impacts consumers; whereas, the Producer Price Index measures changes in selling prices, thereby expressing price changes from the perspective of the seller who produces a particular commodity.
A slide presentation updated with June 2014 data shows the Midwest inflation rate increased from May to June in urban metros, as well as in non-metro urban areas.
The Producer Price Index data shows that prices in the United States have increased from June 2013 to June 2014 for aircraft (1.8 percent), crude petroleum (5.4 percent), natural gas (12.3 percent), and slaughter livestock (20.3 percent). During that same time period, sorghum prices decreased 32.2 percent and wheat decreased 6.5 percent.
Access this slide presentation.